AIG shares in the red, TI slips after hours

LOS ANGELES (MarketWatch) — Shares of American International Group Inc. fell Monday evening after the U.S. government said it will sell the rest of its stake in the insurer, while Texas Instruments Inc. shares seesawed after the chip maker narrowed its quarterly sales and earnings outlook.

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Stock in AIG
AIG, -0.64%
pulled back 1.5% to $32.85 in heavy volume following the Treasury Department’s announcement that it plans to sell its remaining 16% stake in AIG.

Treasury will sell the 234.1 million AIG shares in a public offering. AIG received a $182 billion U.S. government bailout at the peak of the global financial crisis.

TI
TXN, -0.52%
shares recently shed 0.4% at $29.70, reversing grip of earlier gains. The shares had been up about 1.5% after the company said it now expects revenue of $2.89 billion to $3.01 billion for the fourth quarter. In October, it had expected revenue of $2.83 billion to $3.07 billion.

Dallas-based TI also foresees earnings of 5 cents a share to 9 cents a share, compared with a previous outlook of 23 cents a share to 31 cents a share. The per-share earnings estimate includes charges worth 21 cents a share related to TI’s restructuring of its wireless business.

TI had said it planned to ease development of its widely used mobile-applications processor, known as OMAP, for the mobile sector and focus more on the embedded-chip market.

Shares of TI finished the regular session down 3 cents, leaving their year-to-date gain at 2.4%

On the broader market ahead of late trading, U.S. stocks rose as Wall Street held out hopes for an agreement to avert automatic tax hikes and spending cuts in the United States. More on Monday's action in U.S. stocks.

The Dow Jones Industrial Average
DJIA, -0.32%
rose 15 points, or 0.1%, to 13,169.88. The Nasdaq Composite
COMP, -0.01%
rose 0.3% to 2,986.96. The S&P 500 index
SPX, -0.23%
rose less than 1 point to 1,418.55.

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